More suppliers went bust as a result of rising energy prices
More suppliers went bust as a result of rising energy prices: Two more energy suppliers went bankrupt just hours after the government confirmed that Bulb had entered’special administration.
Entice Energy and Orbit Energy have ceased operations, according to Ofgem.
Entice Energy serves approximately 5,400 domestic customers, whereas Orbit Energy serves approximately 65,000 customers.
Customers’ energy supplies will be maintained indefinitely, according to the regulator, and credit balances will be honored.
Customers of the failed suppliers will be contacted shortly by their new supplier, whom Ofgem will appoint.
“The increases in global gas prices we’ve seen this year have been significant, but should not have led to the collapse of 25 firms.” Responding to the announcement, Gillian Cooper, Head of Energy Policy at Citizens Advice said.
“As suppliers continue to fall like dominoes, it’s clear the market is not functioning as it should and there are serious questions for Ofgem to answer about how this has been allowed to happen.”
More suppliers went bust as a result of rising energy prices: